Enjin, a gaming-based blockchain platform with the goal to “make it easy for everyone to develop, trade, monetize, and market with blockchain” has announced some exciting news for its users.
After over a year-and-a-half of regulatory due diligence that needed to be conducted by Enjin, the Japanese Virtual Currency Exchange Association (JVCEA) has authorized official use of the platform’s native cryptocurrency, ENJ, across the entire country.
This is a major milestone for Enjin, as it has become the first gaming token to be authorized by this regulating body in Japan.
Authorization Opens New Doors for Enjin
ENJ will also be the first gaming token available on the Coincheck exchange, another entity fully regulated by the Japanese government.
This listing, which is planned to take place on Jan. 26, will solidify ENJ as the first gaming token authorized for legal sale and use in Japan.
ENJ will be one of only 15 other assets listed on Coincheck, allowing Japanese citizens to purchase the cryptocurrency using a JPY trading pair.
Recognition is Key
The JVCEA is an organization recognized and under the oversight of the Japanese Financial Services Agency (JFSA), the body in charge of all Japanese financial regulations.
For ENJ to receive the green light, it had to go through an extremely rigorous examination process. This is the primary reason why only 15 digital assets have been verified by the JFSA.
Seihaku Yoshida, the CEO of HashPort, a strategic partner of Enjin, commented on the official recognition;
“Enjin made a bold commitment entering the Japanese market in 2019, determined to grow their business in the space regardless of market conditions. After more than a year of due diligence, the approval and listing of Enjin Coin on Coincheck is an important milestone for Enjin and the adoption of its blockchain platform in Japan.”
This multi-year process should bear sweet fruits for the Enjin ecosystem, as another layer of legitimacy has been draped over the project. Japan has one of the largest video games markets in the world, expecting to reach almost $20 billion in 2021 according to Enjin.
This means that Enjin has been available to position itself very favorably, as it provides services and offerings that most other video game companies are not capable of, such as direct ownership of in-game assets.